Compliance & Operational Risk Manager- Quality Assurance
Bank of America
- USA
- Permanent
- Full-time
This job is responsible for executing second line of defense compliance and operational risk oversight for a Front Line Unit, Control Function, and/or Third Parties. Key responsibilities include ensuring requirements of the Global Compliance Enterprise Policy, the Operational Risk Management Enterprise Policy (collectively “the Policies”), the Compliance and Operational Risk Management Program and Standard Operating Procedures are implemented and identifying, challenging, escalating, and mitigating risks in a timely manner.Responsibilities:Assesses risks and effectiveness of Front Line Unit (FLU) processes and controls to ensure compliance with applicable laws, rules, and regulations, while responding to regulatory inquiries, other audits, and examinationsEngages in activities to provide independent compliance and operational risk oversight of FLU or Control Function (CF) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management Program and Standard Operating ProceduresIdentifies and escalates problems or issues that arise and drives actions to address the root causes that lead to compliance risk issues and/or operational risk lossesManages inventory of processes, risks, controls, and associated metrics for risk appetite and limits, reporting violations of compliance or regulatory activitiesAssists in the development of independent risk management reporting for respective area(s) of coverage as input into country/regional governance and management routinesAnalyzes and interprets applicable laws, rules, and regulations to provide clear and practical advice to stakeholders, and identify and manage risksReviews and challenges FLU/CF process, risk, Single Process Inventory, and FLU/CF Risk and Control Self-Assessment related to themes or trends, while monitoring the regulatory environment to identify regulatory changes applicable to area(s) of coverageManagerial Responsibilities:
This position may also have responsibilities for managing associates. At Bank of America, all managers at this level demonstrate the following responsibilities, in addition to those specific to the role, listed above.Diversity & Inclusion Champion: Models an inclusive environment for employees and clients, aligned to company D&I goals.Manager of Process & Data: Demonstrates deep process knowledge, operational excellence and innovation through a focus on simplicity, data based decision making and continuous improvement.Enterprise Advocate & Communicator: Communicates enterprise decisions, purpose, and results, and connects to team strategy, priorities and contributions.Risk Manager: Ensures proper risk discipline, controls and culture are in place to identify, escalate and debate issues.People Manager & Coach: Provides inspection, coaching and feedback to motivate, differentiate and improve performance.Financial Steward: Actively manages expenses and budgets in alignment with objectives, making sound financial decisions.Enterprise Talent Leader: Assesses talent and builds bench strength for roles across the organization.Driver of Business Outcomes: Delivers results by effectively prioritizing, inspecting and appropriately delegating team work.Skills:AdvisoryMonitoring, Surveillance, and TestingRegulatory ComplianceReportingRisk ManagementCritical ThinkingInfluenceInterpret Relevant Laws, Rules, and RegulationsIssue ManagementPolicies, Procedures, and Guidelines ManagementBusiness Process AnalysisDecision MakingNegotiationProcess ManagementWritten CommunicationsJob Description SummaryThe Compliance and Operational Risk (C&OR) Manager is responsible for engaging in activities to provide independent compliance and operational risk oversight of Front Line Unit or Control Function (FLU/CF) performance and any related third party/vendor relationships in alignment with the Global Compliance - Enterprise Policy, the Operational Risk Management - Enterprise Policy (collectively the Policies) and the Compliance and Operational Risk Management (CORM) Program and Standard Operating Procedures (SOPs). As a member of an FLU or CF C&OR officer team, the C&OR Manager is accountable for proactive identification, management and escalation of compliance and operational risks through the execution of some or all of the below identified activities. This role exercises judgment and influence, and may constructively challenge FLU and CF leaders to support the CORM Program objectives, balancing business strategy with appropriate controls.The individual will be a Compliance and Operational Risk Manager in the Global Markets (GM) Compliance and Operational Risk (COR) Department on the Quality Assurance (QA) team. The primary responsibilities include developing and performing QA routines for adherence to various regulatory commitments and obligations, including new market conduct and surveillance-related standards related to coverage assessments, parameter settings, test scripts and escalated alerts referred to internal investigations.Role Responsibilities:The individual will be expected to assist with:Developing, maintaining and overseeing standard operating procedures for QA reviews, including:Defining scope, statistical sampling and prioritization of QA reviewsEstablishing minimum requirements and standards for QA reviewsDocumenting QA findingsFacilitating remediation of deficienciesCommunicating the results of QA to key stakeholders and management (written reports/oral presentations).Establishing and building working relationships with GM COR, GCOR Surveillance / Enterprise Independent Testing and internal audit teamsParticipating in governance routines and meetings with key stakeholders to report on QA findingsContributing to metrics reporting related to QAMaintaining key records for purposes of audit reviewOrganizing and preparing trainings on the QA processes, as neededDriving deliverables on special projects and process enhancements for the teamRequired and Desired Candidate Qualifications Including # of Years Prior Experience Needed:Minimum Years of Business & Functional Experience: 7 Years
Degree Required: Bachelor’s Degree; May require regulatory
examination/registration or certification depending on
jurisdiction and roleTo perform the responsibilities associated with this position, the ideal candidate will have the following qualifications:8+ years experience covering global markets compliance for U.S. institutional broker-dealer or bankBachelor's degree or equivalent work experienceAn aptitude for learning and remaining current on industry rules, regulations and best practices impacting to help ensure that the firm’s compliance program meets regulatory standards and strives for a best-in-class industry standardUnderstanding of market misconduct behaviors across Global Markets businesses, including Surveillance practices to detect for such behaviorsStrong oral/written communication skills and ability to effectively engage stakeholders and foster collaboration among GCOR, the business and other control functionsAbility to challenge and “ask the right questions” when performing QA and reporting on findingsDelivery-focused and disciplined approach, with an ability to be proactiveStrong analytical and organizational skills with a focus on attention to detail and accuracyAbility to project confidence and professionalism in all dealingsExperience in demonstrating and fostering critical and strategic thinkingAbility to work collaboratively across multiple stakeholders and deliver results in a timely mannerSelf-starter with ability to multitask and manage competing priorities, managing effectively in a dynamic environmentProficiency with Microsoft Word, Excel, SharePoint, PowerPoint, Tableau, SMARTS, ActimizeExperience with QA and statistical sampling a plusExperience in an Audit or other testing function a plusShift: 1st shift (United States of America)Hours Per Week: 40